Illinois General Assembly - Bill Status for HB 2477

Amends the Illinois Credit Union Act. Provides that the failure of an out-of-state credit union to register with the Secretary of Financial and Professional Regulation shall not impair the collectability of a loan made to a resident of this State. Provides that, for a renewal, refinancing, or restructuring of an existing loan at the credit union that is secured by an interest or equity in real estate, a new appraisal of the collateral shall not be required when (i) no new moneys are advanced other than funds necessary to cover reasonable closing costs, or (ii) there has been no obvious or material change in market conditions or physical aspects of the real estate that threatens the adequacy of the credit union's real estate collateral protection after the transaction, even with the advancement of new moneys. Provides that a credit union may act as a representative of and enter into an agreement with credit unions or other organizations for the purposes of providing implementation and administrative support services related to the use of debit cards, payroll debit cards, and other prepaid debit cards and credit cards. Effective immediately.

Provides that the Department of Financial and Professional Regulation reserves the right to require an appraisal under a specified provision of the Act whenever the Department believes it is necessary to address safety and soundness concerns.

Replaces everything after the enacting clause. Reinserts the language of the engrossed bill with the following changes; amends the Illinois Credit Union Act, the Illinois Banking Act, and the Savings Bank Act; provides that a credit union's board of directors may authorize a savings promotion raffle; provides that, if authorized by its board of directors, a State bank may conduct a savings promotion raffle; provides that the savings promotion raffle shall be conducted so that each token or ticket representing an entry in the savings promotion raffle has an equal chance of being drawn; defines a "savings promotion raffle"; makes conforming changes in the Raffles and Poker Runs Act and the Criminal Code of 2012; amends the Raffles and Poker Runs Act; provides that "raffle" does not include a savings promotion raffle authorized under the Illinois Banking Act, the Savings Bank Act, the Illinois Credit Union Act, the National Bank Act, or the Home Owners' Loan Act.

Date	Chamber	Action
7/28/2015	House	Public Act . . . . . . . . . 99-0149

Date	Chamber	Action
2/18/2015	House	Filed with the Clerk by Rep. Lou Lang
2/18/2015	House	First Reading
2/18/2015	House	Referred to Rules Committee
2/20/2015	House	Added Chief Co-Sponsor Rep. Adam Brown
3/2/2015	House	Assigned to Financial Institutions Committee
3/17/2015	House	Added Co-Sponsor Rep. André Thapedi
3/17/2015	House	Do Pass / Short Debate Financial Institutions Committee; 019-000-000
3/18/2015	House	Placed on Calendar 2nd Reading - Short Debate
3/19/2015	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Lou Lang
3/19/2015	House	House Floor Amendment No. 1 Referred to Rules Committee
3/24/2015	House	House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 003-000-000
3/25/2015	House	Second Reading - Short Debate
3/25/2015	House	House Floor Amendment No. 1 Adopted
3/25/2015	House	Placed on Calendar Order of 3rd Reading - Short Debate
4/14/2015	House	Third Reading - Short Debate - Passed 111-000-001
4/14/2015	Senate	Arrive in Senate
4/14/2015	Senate	Placed on Calendar Order of First Reading April 15, 2015
4/14/2015	Senate	Chief Senate Sponsor Sen. David Koehler
4/15/2015	Senate	First Reading
4/15/2015	Senate	Referred to Assignments
4/22/2015	Senate	Assigned to Financial Institutions
4/29/2015	Senate	Do Pass Financial Institutions; 007-000-000
4/29/2015	Senate	Placed on Calendar Order of 2nd Reading April 30, 2015
5/6/2015	Senate	Added as Alternate Co-Sponsor Sen. Terry Link
5/7/2015	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. David Koehler
5/7/2015	Senate	Senate Floor Amendment No. 1 Referred to Assignments
5/13/2015	Senate	Senate Floor Amendment No. 1 Pursuant to Senate Rule 3-8(b-1), this amendment will remain in the Committee on Assignments
5/19/2015	Senate	Second Reading
5/19/2015	Senate	Placed on Calendar Order of 3rd Reading May 20, 2015
5/19/2015	Senate	Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions
5/20/2015	Senate	Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 007-000-000
5/21/2015	Senate	Recalled to Second Reading
5/21/2015	Senate	Senate Floor Amendment No. 1 Adopted; Koehler
5/21/2015	Senate	Placed on Calendar Order of 3rd Reading
5/21/2015	Senate	Third Reading - Passed; 056-000-000
5/21/2015	House	Arrived in House
5/21/2015	House	Placed on Calendar Order of Concurrence Senate Amendment(s) 1
5/22/2015	House	Senate Floor Amendment No. 1 Motion Filed Concur Rep. Lou Lang
5/22/2015	House	Senate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
5/25/2015	House	Senate Floor Amendment No. 1 Motion to Concur Rules Referred to Revenue & Finance Committee
5/27/2015	House	Senate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Revenue & Finance Committee; 009-000-000
5/31/2015	House	Senate Floor Amendment No. 1 House Concurs 108-000-002
5/31/2015	House	House Concurs
5/31/2015	House	Passed Both Houses
6/29/2015	House	Sent to the Governor
7/28/2015	House	Governor Approved
7/28/2015	House	Effective Date January 1, 2016
7/28/2015	House	Public Act . . . . . . . . . 99-0149

	Adds reference to:
	205 ILCS 5/5g new